Ukraine Defense Group Reports Sharp Revenue, Export Hike

Aug. 12, 2013 - 03:45AM
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WARSAW — Ukraineís leading defense group, Ukroboronprom, has reported improved financial results for the first half of this year.

From January to June 2013, the group posted revenues of 6.9 billion hryvnia (US $850 million), an increase of 55.3 percent over the same period a year earlier, Ukroboronprom said in a statement.

Its export sales went up from 3 billion hryvnia to 5.2 billion hryvnia in the first six months of this year. Ukroboronprom reported a net profit of 410 million hryvnia, a robust improvement from a net loss of 97.6 million hryvnia in the first half of 2012.

Sergey Gromov, chief executive of Ukroboronprom, was quoted in the statement as saying that the groupís sales in the domestic market did not increase significantly. The highest profitability was reported by Ukroboronpromís subsidiaries active in shipbuilding, aviation and special exports, Gromov said.

Ukroboronprom is headquartered in Kyiv, Ukraine. The group comprises about 130 companies specialized in manufacturing and export sales of aircraft, missiles, ships, armored vehicles, munitions, radio communication and other types of arms and military equipment.

The state-owned group was established in 2010 with the aim of consolidating the countryís fragmented defense industry.